The league and NHL Players' Association announced the cap would increase from US$64.3 million to $70.2 million.

The lower limit on what teams must spend also rose from $48.3 million to $54.2 million.

The cap, which will only be in effect until a new collective agreement is signed, will be used by teams as they negotiate contracts through the free agency period this summer.

The current CBA expires Sept. 15.

Formal negotiations for the new labour deal begin between the league and union Friday in New York.

The introduction of a salary cap and a 24 per cent rollback of salaries were added to the current CBA after the 2004-05 season was lost to lockout.

The floor also rises putting team like the Panthers in desperate need of adding salary. Just saying

But seriously, Gary hows the cap thing working for you now? Not such the victory you though eh? Bet the owners who bought into he cap idea as saving them money are wondering when that will happen. Right, right after you cause a work stoppage to get the roll backs right?